HomeMy WebLinkAbout93-164 - ADMIN Resolution - City Council - 1993/10/18r
RESOLUTION NO. 93-164
A RESOLUTION GIVING PRELIMINARY APPROVAL TO REFINANCING
OF A MULTIFAMILY RENTAL HOUSING PROJECT
(TAMARIND APARTMENTS PROJECT) UNDER MINNESOTA STATUTES,
CHAPTER 462C
WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota Statutes,
Chapter 462C (the "Act"), the City is authorized to adopt a housing plan and carry out
programs for the financing of multifamily housing for persons of low and moderate income;
and
WHEREAS, the Act requires adoption of the housing plan after a public hearing held
thereon after publication of notice in a newspaper of general circulation in the City at least
thirty days in advance of the hearing; and
WHEREAS, the City of St. Louis Park (the "City") published notice of a public
hearing on a proposed housing plan (the "Housing Plan") on August 1, 1979; and
WHEREAS, the City conducted a public hearing on the Housing Plan on September 4,
1979; and
WHEREAS, the City adopted the Housing Plan on October 2, 1979; and
WHEREAS, the City adopted a Housing Program (the "Program") for multifamily
housing revenue bonds as a part of the Housing Plan Amendment on March 13, 1982; and
WHEREAS, the Program has been reviewed and approved by the Metropolitan
Council and the Minnesota Housing Finance Agency ("MHFA"), as required by the Act; and
WHEREAS, the City, by Resolution 85-206, dated December 2, 1985, gave final
approval for the issuance of Rental Housing Revenue Bonds (Fannie Mae Program/Tamarind
Project) Series 1985 pursuant to authority conferred by the Act in the amount of $4,000,000
(the "1985 Bonds") to finance the construction of a 102 -unit rental housing development (the
"Project") located at 2300 and 2350 Ridge Drive, St. Louis Park, Minnesota, the owner of
which is Tamarind Limited Partnership, a Minnesota limited partnership (the "Owner"); and
WHEREAS, the Owner has requested that the City give preliminary approval for the
issuance of revenue refunding bonds of the City (the "Bonds") pursuant to authority
conferred by the Act in an amount presently not to exceed $3,820,000 to refinance the 1985
Bonds; and
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WHEREAS, pursuant to published notice, the City held a public hearing on
October 18, 1993 on the issuance of the Bonds; and
WHEREAS, the Project provides housing within the City for persons of low and
moderate income, in furtherance of the objectives of the Act and the Housing Plan of the
City;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis
Park, Minnesota:
1. The refinancing of the Project and the issuance of Bonds are preliminarily
approved, subject to final approval and authorization by this Council and mutual agreement of
this Council, the Owner, and the initial purchasers of the Bonds as to the details of the
issuance of the Bonds and provision for their payment. In all events, it is understood,
however, that the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable,
upon any property of the City except the Project and each Bond, when, as and if issued, shall
recite in substance that the Bond, including interest thereon, is payable solely from the
revenues received from the Project and property pledged to the payment thereof, and shall not
pledge the full faith and credit of the City to the payment thereof.
2. This preliminary approval shall not constitute authorization to issue the Bonds
and shall not in any fashion obligate or require the City to authorize the issuance of the
Bonds or impose any liability on the City for failure or refusal to authorize the issuance of
the Bonds.
Adopted by the City Council October 18, 1993
Reviewed for administration:
449/22021723 10/14/93
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6) A,4,
Approved as to form and execution:
/444 Pa a -
City Attorney
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